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Forex News: Russian Ruble Dips To 4-day Low Versus U.S.

Russian Ruble Dips To 4-day Low Versus U.S. Dollar After Russia Rate Cut

07/24/2020 - 08:24:00 (RTTNews)

(RTTNews) - The Russian Ruble depreciated against the U.S. dollar in the European session on Friday, after Russia's central bank lowered its key rate by 25 basis points to a new record low and signaled more reductions as the economy is expected to follow a gradual recovery from the downturn caused by the coronavirus pandemic.

The Board of Directors, led by Governor Elvira Nabiullina, decided to reduce the benchmark rate to 4.25 percent from 4.50 percent. The decision came in line with economists' expectations.

The bank said it will consider the necessity of further key rate reduction at its upcoming meetings.

The Russian Ruble weakened to a 4-day low of 72.00 against the greenback, from yesterday's closing value of 71.24. The Ruble may challenge support around the 75.00 level.

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